DOWNERS GROVE, Ill., Feb. 13, 2012 /PRNewswire-FirstCall/ -- Dover Corporation (NYSE: DOV) announced today that it has signed a definitive agreement to acquire the Maag Group ("Maag"). Maag, which is headquartered in Zurich, Switzerland, will be part of Downers Grove, Illinois based Pump Solutions Group (PSG®) within the Fluid Solutions platform of Dover's Engineered Systems segment. Terms of the transaction were not disclosed.
Maag is a global leader in premium external gear pump technology and engineered integrated solutions for the polymer, plastic, chemical and petrochemical industries. Maag operates globally, with operations in Switzerland, Germany, the U.S., Italy, and China, as well as additional sales support offices around the world. Maag posted 2011 revenue of approximately $170 million.
"The acquisition of Maag further supports our strategic goal of deploying capital in our key growth spaces and will enhance our overall fluids position through the expansion of PSG's product portfolio and technological depth within its core markets of chemicals and petrochemicals. Consistent with other Dover businesses, Maag is a global market leader with a strong reputation as a highly engineered components manufacturer whose foundation is based on innovation and customized solutions," said Bob Livingston, Dover's President and Chief Executive Officer.
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close at end of the first quarter of 2012. Dover expects this acquisition to be slightly dilutive to 2012 continuing earnings per share due to integration and acquisition related costs.
Dover Corporation is a multi-billion dollar diversified global manufacturer. For over 50 years, Dover has been providing its customers with outstanding products and services that reflect the company's commitment to operational excellence, innovation and market leadership. The company focuses on innovative equipment and components, specialty systems and support services through its four major operating segments: Communication Technologies, Energy, Engineered Systems and Printing & Identification. Dover is headquartered in Downers Grove, Illinois and employs over 33,000 people worldwide. Dover Corporation is traded on the New York Stock Exchange under "DOV". Additional information is available on the company's website at http://www.dovercorporation.com/.
Dover's Pump Solutions Group (PSG®), a global leader in positive displacement pump and supporting technologies, delivers value added pumps and systems that serve customers requiring safe and efficient transfer of critical and valuable materials. PSG features world-class facilities in the U.S., France, Germany, India, and China. Additional information is available on the company's website at http://www.pumpsg.com/.
Maag is a global leader in highly engineered gear pumps, filtration systems and pelletizers for plastics, chemicals, petrochemical and the food industries. Maag is a complete solutions provider of specialty pumps with a reputation and focus on high quality customer driven solutions. Maag is headquartered in Zurich, Switzerland with offices in Germany, US, France, Italy, Singapore, Malaysia, Taiwan, Brazil and China. Additional information is available on the company's website at http://www.maag.com/.
Dover Corporation makes information available to the public, orally and in writing, which may use words like "anticipates," "expects," "believes," "indicates," "suggests," "will," "plans" and "should," which are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking statements concerning future events and the performance of Dover Corporation that involve inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, current economic conditions and uncertainties in the credit and capital markets; the Company's ability to achieve expected savings from integration, synergy and other cost-control initiatives; the ability to identify and successfully consummate value-adding acquisition opportunities; increased competition and pricing pressures in the markets served by Dover's operating companies; the ability of Dover's companies to expand into new geographic markets and to anticipate and meet customer demands for new products and product enhancements; increases in the cost of raw materials; changes in customer demand; political events that could impact the worldwide economy; the impact of natural disasters and their effect on global energy markets; a downgrade in Dover's credit ratings; international economic conditions including interest rate and currency exchange rate fluctuations; the relative mix of products and services which impacts margins and operating efficiencies; short-term capacity constraints; domestic and foreign governmental and public policy changes including environmental regulations and tax policies (including domestic and international export subsidy programs, R&E credits and other similar programs); unforeseen developments in contingencies such as litigation; protection and validity of patent and other intellectual property rights; the cyclical nature of some of Dover's companies; domestic housing industry weakness; and continued events in the Middle East and possible future terrorist threats and their effect on the worldwide economy. Dover Corporation refers you to the documents that it files from time to time with the Securities and Exchange Commission, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause its actual results to differ materially from its current expectations and from the forward-looking statements contained in this press release. Dover Corporation undertakes no obligation to update any forward-looking statement.
SOURCE Dover Corporation
CONTACT: Paul Goldberg, Vice President - Investor Relations, +1-212-922-1640